Macau’s gross domestic product (GDP) shrank by 13.3 percent year-on-year in the first quarter, according to the latest data from the Statistics and Census Bureau (DSEC).
The decrease was mainly attributed to “the continuous decline in exports of services and decrease in investment,” according to the statement.
Exports of gaming services dropped by 17.1 per cent, with gaming services equivalent to around 52 percent of Macau’s GDP.
It was also noted that domestic demand had weakened, with private consumption expenditure down 2.3 per cent, while investment and imports of goods shrank by 31.4 per cent and 19.9 per cent respectively.
According to the Bureau, “despite the prevailing favourable employment conditions, pay growth remained subdued, dragging down private consumption expenditure by 2.3 per cent year-on-year, with a notable decline in expenditure on durable goods.”
Earlier this year, Macau reported accumulated gross gaming revenue from the first quarter of 2016 down 13.3 percent year-on-year to MOP 56.2 billion.